PULLBACK
IN THE OFFING
During
the current week Moon would be transiting from Rohini In
Taurus to Aslesha in Cancer. .
.
Sun
transits in Mrigasira in Taurus and Gemini.
Mercury
transits in Rohini.
Venus
transits in Aslesha 3rd and 4th
Pada.
Mars
transits in Mrigasira in 2nd
pada and Mrigasira 3rd
Pada,
Saturn
transits in Anuradha constellation in Scropio sign in 1st
Pada and in Leo Navamsa and remains in retrograde motion from
14th March to 2nd August, 2015.
Jupiter
,, transits in Cancer in Aslesha constellation in
Aquarius Navamsa .
Rahu
and Ketu continue their transit in Virgo and Pisces respectively.
Outlook
for 15 to 20 JUNE 2015)
NIFTY
:: 7979 (-115)
(Oversold
… Technical Bounce …)
Nifty
lost about 1.5% last week due to global cues. Market needs to trade
above the last weeks high to confirm this pattern.
20DMA,
50DMA, 100DMA and 200 DMA are placed at about 8251, 8594, 8375 and
8376 respectively and would
act
as supports / resistances. Nifty is trading below all the
average , particularly below 100 DMA, which is a matter of
concern.
While
Nifty continues to trade below the 200 DMA and 50 DMA too is
above 200 DMA (Golden Cross) suggesting that the Bullish trend is in
tact.
Technical
Levels ::
For
the coming week, Nifty spot is expected to be Bullish above 8200 with
resistance
at 8280, 8360, 8435, 8525 and is expected to Bearish below 7900 with
Supports at 7825, 7745, 7650.
Nifty could not hold at higher levels / pull back levels and fell sharply on Thurs / Friday and being last week of Derivative expiry is close to strong support level of about 7900 .
Breakout
level for the week is 8200, and break down level for the week
is 7890.
Advice
for Traders ::
However,
While the long term trend is bullish, Medium term would once again
turn bullish only if Nifty is able sustain above 8500. If Nifty /
scrips sustain above Friday’s high level, Friday’s low level
could offer strong support for short term for a reasonable pullback.
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